Following the United States’ decision to investigate Section 301 and impose additional tariffs on Chinese imports, Americans for Free Trade urged President Joe Biden to end the “war misguided commercial “. The spokesperson for the coalition of 150 trade organizations, Jonathan Gold, said in a statement that US companies are already struggling to bear the costs of tariffs on more than $ 350 billion in goods imposed by the administration. former. Referring to the disruption to free trade, Gold said he called on the Biden administration to abandon the policy initiated by Donald Trump.
Explaining the negative impact of the current imposition of tariffs on Chinese products, Gold noted in his statement that US companies were suffering from the 25% tariffs previously levied on $ 50 billion in Chinese exports. In retaliation, China also imposed a 25% tariff on the import of US goods worth $ 60 billion. “These tariffs have failed to achieve their stated goal of creating leverage in relations with China,” Gold noted.
“The new tariffs won’t change that. Tariffs are hurting businesses across the country and it’s time for a new approach to working with our trading partners that lightens the weight of current tariffs and finally ends this war. misguided commercial. “
New tariffs to hurt businesses across the country
The “ill-advised trade war” with the unhindered imposition of tariffs will only hurt US trade organizations, Gold explained. The Americans’ declaration for free trade came after the Biden administration considered launching a Section 301 investigation under the 1974 Trade Act. An earlier similar investigation was launched in June 2018 by former US President Donald Trump, to determine whether China’s actions, policies, and practices related to technology transfer, intellectual property, and innovation are unreasonable or discriminatory, and hamper or restrict US trade the United States Trade Representative (USTR) said in a press release.
As a result of the investigation, the USTR reported the discovery of evidence that several acts and policies practiced by the Chinese government were “unnecessary” or “discriminatory” and restricted US trade. This prompted the Trump administration to impose heavy import and export taxes on Chinese products.
US trade groups call on government to revoke “costly and onerous” tariffs
Shortly after the announcement of a new Section 301 investigation, more than 30 US trade groups urged the Biden administration to revoke the “heavy” trade tariffs. They explained that the “expensive” percentages have strongly impacted industries and the economy in general, the Xinhua News Agency reported. Chinese Ambassador to the United States Qin Gang also called on Washington to “make serious efforts” to improve bilateral relations with China to ensure economic and trade cooperation.